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Euro area inflation rate falls to 2.5% in June 2024

18 Jul '24
15 min read
Euro area inflation rate falls to 2.5% in June 2024
Pic: Adobe Stock

Insights

  • Euro area annual inflation dropped to 2.5 per cent in June 2024, from 2.6 per cent in May 2024, according to Eurostat.
  • The EU's rate fell to 2.6 per cent from 2.7 per cent.
  • Finland had the lowest rate at 0.5 per cent, while Belgium had the highest at 5.4 per cent.
  • Inflation fell in 17 member states, remained stable in one, and rose in nine.

The euro area annual inflation rate dropped to 2.5 per cent in June 2024, down from 2.6 per cent in May, according to the latest figures published by Eurostat, the statistical office of the European Union (EU). This marks a significant decrease compared to the 5.5 per cent inflation rate recorded in June 2023.

Similarly, the annual inflation rate for the EU fell to 2.6 per cent in June 2024, down from 2.7 per cent in May. This is a notable improvement from the 6.4 per cent rate observed a year earlier.

Among the EU member states, Finland registered the lowest annual inflation rate at 0.5 per cent, followed by Italy at 0.9 per cent and Lithuania at 1.0 per cent. On the other hand, the highest annual rates were recorded in Belgium (5.4 per cent), Romania (5.3 per cent), and both Spain and Hungary at 3.6 per cent, as per Eurostat.

Comparing June 2024 with the previous month, annual inflation fell in seventeen member states, remained stable in one, and rose in nine. In terms of contributions to the annual euro area inflation rate, non-energy industrial goods added 0.17 percentage points (pp) while energy contributed 0.02 pp.

Fibre2Fashion News Desk (DP)

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